Sophus EM ETFs holding $108 million to liquidate four months after listing
Form 497s in the week of September 7, 2026 put Sophus EMEM and EMSC, holding $108 million combined, on a September 28 liquidation calendar.
An emerging-market equity fund, Sophus Capital Emerging Market ETF EMEM, listed on Nasdaq on May 19; its small-cap sibling, Sophus Capital Emerging Market Small Cap ETF EMSC, followed a day later. A Form 497 that EA Series Trust filed on Tuesday, September 8, says both will be liquidated on or about September 28. Combined they still hold $108 million. That is the week's real paper: listed funds, four months old, with last-trade dates. Eighteen Form 485APOS amendments landed the other way, each an intention that can still change or never list, including two separate 2x Zcash products and a Tidal pair built on Fed-funds event contracts.
Last Nasdaq session for the Sophus pair is September 25
The EA Series Trust supplement states that the board approved the liquidation of EMEM and EMSC. Each fund will cease trading on Nasdaq and close to purchases and to creation and redemption orders after the close on Friday, September 25. On or about September 28, outstanding shares are to be cancelled and holders paid cash. Empowered Funds, LLC, the adviser, announced the same schedule on Tuesday. Neither the 497 nor that announcement gives a business reason. Form 497s do the work of taking funds off the board; the death certificate, Form N-8F, comes later, and none was filed this week.
As of Sunday the funds held $60.5 million and $47.5 million. Through Friday, EMEM was up 4.2% and EMSC 3.0% from the May 20 close. A June 15 announcement from Sophus Capital called the pair the team's first ETF offering. If you hold either, Friday, September 25 is the last regular Nasdaq session to sell.
Bitwise and USCF used the same week to schedule smaller exits. A Form 497 from Bitwise Funds Trust on September 10 puts Bitwise Trendwise Ether and Treasuries Rotation Strategy ETF AETH ($6.7 million) on an October 2 last-trade date, with liquidation on October 13. An 8-K the same day sets Bitwise Dogecoin ETF BWOW ($688,000 as of Friday) for a last NYSE Arca session on October 14. USCF ETF Trust's September 9 Form 497 ends USCF Sustainable Commodity Strategy Fund ZSC ($3.1 million) after an October 2 creation cutoff, with cash on or about October 9. Bitwise said it was continuing "to optimize its product range to meet evolving investor needs."
Five funds on the exit calendar, ranked by assets
- $60M
- $47M
- $7M
- $3M
- $688K
The week's five exit clocks, in one place:
2x Zcash, DayOne, and Fed-funds contracts
ProShares Trust's 485APOS filed on September 10 registers ProShares Ultra Zcash ETF. The preliminary prospectus says the fund "seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the [Zcash Index]." Grayscale Funds Trust filed its own 485APOS the day before for The 2x Zcash ETF. Neither amendment is a listed product.
Themes ETF Trust spent the week on single-stock daily reset. A September 8 485APOS adds Leverage Shares 2X Long DayOne Daily ETF, 2X Short DayOne Daily ETF, and 1X Short DayOne Daily ETF, each tied to "the publicly traded common stock of DayOne Data Centers Limited." A September 11 amendment adds a 2x long and 2x short pair on AGKO. The DayOne series are disclosed as newly organized and not yet in operation.
Tidal Trust I's September 8 485APOS is explicit: it is "being filed to add two new series," Prediction Market Fed Funds Consensus ETF and Prediction Market Fed Funds Surprise ETF. The Consensus fund seeks total return through CFTC-regulated event contracts on federal-funds outcomes. The Surprise fund seeks total return when the Federal Open Market Committee makes outlier decisions on the target federal funds rate. Those outlier positions, the filing says, are event contracts that trade below $0.50 on their designated contract market. A print under fifty cents is the document's stand-in for an implied probability under 50% on that particular decision.
The rest of the 485APOS stack ran through autocallable income, a Korea index, systematic Treasuries, leveraged commodity and equity series, and proposed equity index funds. Not every 485APOS is a new ETF. HSBC Funds used the form to convert money-market share classes. A 485APOS is permission to proceed, not a listing date.
Among the week's 40 Form 497s, two were listing prospectuses rather than shutdowns. Roundhill ETF Trust's September 8 497 is the prospectus for Roundhill MLCC & Electronic Components ETF CCML, an actively managed fund at a 0.65% expense ratio; the issuer dates the Nasdaq launch to September 9. Tema ETF Trust's 497 is the prospectus for Tema Trading & Prediction Markets ETF DICE, at 0.75%, also listed September 9, with a mandate in prediction markets, trading platforms, and related infrastructure.
The Zcash, DayOne, and Fed-funds filings are still only paper. EMEM and EMSC still have a ticker, through September 25.